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When does a small or medium business (smb) need an audit? Learn more here and profit from it!|
Markham's Audit Report Specialists
A small business audit is a report prepared by a Chartered Accountant expressing their best opinion of a business' financial information and an assessment oo f its business system's internal controls. It is an endorsement of the reliaa bility and validity of the financial records for your business that banks, shareholders and investors often require when examining a potential investment. An audit is NOT an effort to place a price tag on a business. It is a study of a small business' methods and operating procedures to ensure that it is being run in a manner that is consistent with generally accepted accounting principles which, in turn, can help investors and owners alike understand the general "health" of a small business and help them gauge the amount of risk involved in making an investment. An audit report provides both financial data and potential peace of mind for stakeholders in a business.
When does a small business need an Audit Report
Not too long ago, audits would be done on a regular business to assist the various stakeholders in a business to understand the over all financial health of a business. Today, the complexity of completing a credible audit makes it difficult and impractical to conduct an audit without engaging the services of a Chartered Accountant. Banks, investors and other lenders, shareholders and owners alike all require an audit to verify that the financial records for a small business accurately represent the financial status of a business. In addition an audit report is used, in part, to assure stakeholders in a business that the reporting processes are safe, reputable and transparent- and that the business is a safer investment. Simkover and Associates Chartered Accountants have had over 15 years of experience in preparing audit reports for small to medium size businesses with sales of $1 - $20 million annually. If you have questions regarding audit reports, Simkover and Associates would be pleased to speak with you.
Contact Simkover and Associates today and prepare your business- before the crisis hits!